Wag

About Wag

Wag, the dog walking startup, was rescued by SoftBank Vision Fund with a 300 million investment in 2018. The app allowed users to hire dog walkers on demand. Wag had numerous problems including lost dogs, stolen dogs, and walker no shows. SoftBank reportedly regretted the investment. CEO Hilary Schneider resigned. In 2023, PetSmart acquired Wag for approximately 15 million, a fraction of the peak valuation. SoftBank lost approximately 285 million on the investment. The case illustrates the risks of investing in gig economy startups without adequate quality control and unit economics. Wag continues to operate under PetSmart ownership with a revised business model.